Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017

Government of Pakistan
Securities and Exchange Commission of Pakistan NOTIFICATION Islamabad, the 1st August, 2017. S.R.O. 749(I)/2017.- In exercise of powers conferred by section 124 read with clause (j) of sub-section (2) of section 169 of the Securities Act, 2015 (III of 2015), and having been previously published in the official Gazette vide notification S.R.O. 1140 (I)/2016 dated December 2, 2016 as required by sub-section (4) of section 169 thereof, the Securities and Exchange Commission of Pakistan hereby makes the following Regulations, namely:-
Chapter I
Preliminary

1. Short title and commencement. – (1) These regulations shall be called the Listed
   Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. (2) They shall come into force at once.
2. Definitions. – (1) In these regulations, unless there is anything repugnant in the subject
   or context, –
   (a) “acceptance period” means the period commencing on the forty eighth day of the public announcement of offer and closing with the close of the public offer which shall not be later than the fifty fourth day from the date of the public announcement of offer; (b) “Act” means the Securities Act, 2015 (III of 2015); (c) “date of public announcement” means the date on which the public announcement is published in newspapers; (d) “offer letter” means the letter to be issued by the acquirer to the shareholders whose names appear on the register of members of the target company as on the date of book closure, the custodians of Global Depository Receipt(s), the custodians of American Depository Receipt(s) and holders of convertible securities (where the period of conversion falls within the offer period) in pursuance of section 117 of the Act and in accordance with the specifications provided in Schedule I; and (e) “schedule” means the schedules attached to these regulations;